I'm trying to find a flow chart (of the process of genetically modifying a pig for this purpose) or a description of the process from which I can create a flow chart of. I've been looking around for quite a while but the closest thing that I could find was

Wow haha.That was.. complicated and hard to interpret.Not exactly what my teacher had in mind for a grade 10 science paper, but I'm trying my best to interpret it.

Could you explain to me what this paragraph means?

When cells that have loxP sites in their genome express Cre, a reciprocal recombination event will occur between the loxP sites. *The double stranded DNA is cut at both loxP sites by the Cre protein. The strands are then rejoined with DNA ligase*. It is a quick and efficient process. The efficiency of recombination depends on the orientation of the loxP sites. &For two lox sites on the same chromosome arm, inverted loxP sites will cause an inversion, while a direct repeat of loxP sites will cause a deletion event&. If loxP sites are on different chromosomes it is possible for translocation events to be catalysed by Cre induced recombination.

& - a direct repeat of loxP causes a deletion (of base sequences?) and what does an inversion mean? is it the mutation where the triplet base sequences reverse?

Also, i looked up translocation but i dont really understand why these chromosomes exchange segments?

Regarding inversion, if you cut out a section of DNA, flip it over, and reinsert it into the chromosome you haven't really reversed the codons -- they are still in the same order from 5' to 3' on their DNA backbone. However, you have reversed the strand relative to other parts of the chromosome. Remember that the double strands are antiparallel, so you not only flip the section over, you also join it to the other backbone strand. Sorry if I haven't made that very clear, but look up "antiparallel" and DNA and hopefully it will make sense.

I suggest you bring your instructor the resources you've found and see if you can get some help with interpretation. Make an appointment. You're being asked to think about some challenging topics, you can ask your instructor to do the same.